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news.Surya Pharmaceutical (Singapore), a wholly-owned subsidiary of Surya Pharmaceuticals, the Chandigarh, India-based pharma firm, has bought US based over-the-counter (OTC) analgesic drug brand ActivOn by acquiring Ameshire Investment Corp for $22m.
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In a filing to the Bombay Stock Exchange, Surya Pharmaceuticals said the transaction was financed through a mix of internal accruals and debt from EXIM Bank.
With this transaction, Surya Pharmaceuticals intends to leverage ActivOn’s marketing network across the US to market its products.
Timesofindia.indiatimes.com has quoted Surya Pharma CEO Hariom Bhatia as saying that the acquisition will be instrumental in establishing their presence in the US markets, which would offer an attractive opportunity to launch OTC/FMCG products using ActivOn’s distribution set-up.